NEWS! WOW!Lake Shore Gold Confirms and Expands Large Gold System in ThunderCreek Porphyry, Intersects 99.60 Metres Grading 4.91 gpt Including 6.92 gpt Over61.40 Metres (ccnm)
TORONTO, ONTARIO--(Marketwire -Nov. 24, 2010) - Lake Shore Gold Corp. (TSX:LSG)
- Wide, high-grade intercepts near Thunder Creek 730 Level confirm results from surface drilling, including multiple occurrences of visible gold ("VG")
- 6.92 gpt over 61.40m, including 13.90 gpt over 18.56m, intersected within broad mineralized envelope covering entire width of syenite porphyry stock grading 4.91 gpt over 99.60m, with additional 5.16 gpt over 2.30m in Rusk Zone for combined width of 101.90m grading 4.92gpt
- 650-001, in combination with previous surface holes, identifies thick, large-scale mineralized core (minimum 300m x 125m) to deposit which remains open in all directions
- Surface drilling expands both Porphyry and Rusk zones near east and west limits near 730 Level, zones remain open for further expansion
- Key intercepts include: 13.30 gpt over 13.20m, including 82.27 gpt over 1.60m, 6.54 gpt over 23.70m, 4.00 gpt over 27.30m, including 11.30 gpt over 7.13m, and 4.24 gpt over 22.30m
- Surface drilling southwest of Thunder Creek extends deformation and alteration zone by 350 metrestowards 144 property, suggests potential for additional deposits
- Up to 100 metres of hematite and carbonate alteration intersected, containing multiple porphyry intrusions, several strong shear zones and elevated gold values.
Lake Shore Gold Corp. (TSX:LSG)("Lake Shore Gold" or the "Company") today announced results from anadditional 15 holes (9,755m) of drilling at the Company's Thunder Creek Project,including from the first underground hole drilled (561m) from the 650 LevelAccess Drift and 14 holes (9194m) drilled from surface. Results from theunderground hole confirmed the existence of a broad mineralized envelope,including multiple occurrence of VG, encompassing the entire width of a syeniteporphyry stock located at the core of the Thunder Creek deposit. Surfacedrilling continued to expand both the Porphyry and Rusk zones near the 730 Leveland also extended the deformation and alteration zone of the Thunder Creekdeposit by 350 metres toward the Company's 100% owned 144 property.
Tony Makuch, President and CEO commented:"Drilling results from Thunder Creek continue to demonstrate that the propertyhosts a very large gold system with considerable potential to support along-life, low-cost bulk mining operation. The core of porphyry mineralizationthat we have identified near the 730 Level is similar to those found in worldclass mines in the Timmins Camp such as the Hollinger and McIntyre deposits. Theexcellent widths and grades intersected both in the drill holes and the currentmine development strongly confirm previous results obtained from surfacedrilling and provide us with even greater confidence as we continue developmentalong mineralization on the 730 Level at Thunder Creek.
"In addition, the excellent results in ourearly stage testing to the southwest of Thunder Creek towards our 144 propertyare exciting and highlight the fact that our current areas of focus at ThunderCreek represent just a small part of the highly prospective land package we havealong the Timmins Mine, Thunder Creek and 144 property corridor with abundantopportunities for major new discoveries."
Hole TC650-001 represents the firstunderground hole to be drilled towards the Thunder Creek deposit, collared fromthe Thunder Creek decline. The decline was initiated from the 650 metre Levelstation at Timmins Mine to access the Thunder Creek Rusk and Porphyry zones atroughly the 730 metre level. Hole TC650-001 intersected mineralizationapproximately 25 metres below the 730 metre level and 15 metres below previouslyreported surface hole TC09-068b, which intersected 12.75 gpt over 83.40m (seepress release dated June 24, 2009).
Among significant results from TC650-001 was6.92 gpt over 61.40m, including 13.90 gpt over18.56m, within a broad mineralized envelope encompassing the entirewidth of a syenite porphyry stock located at the core of the Thunder Creekdeposit, and grading 4.91 gpt over 99.60m. In addition, 650-001also intersected 5.16 gpt over 2.30m in the Rusk Zone for atotal combined width of 110.90m grading 4.92 gpt. The resultsstrongly confirm the presence of a significant mineralizing system within thearea, with the bulk of mineralization being associated with the Porphyry Zoneand some also being from the Rusk Zone. Observations from the drill core of650-001 indicate that the Porphyry Zone intersected has geologicalcharacteristics similar to TC09-68b, including widespread hematite, carbonateand potassic alteration, local quartz veining, pyrite, galena, sphalerite,scheelite and multiple occurrences of VG.
Additional significant results were fromsurface holes drilled near the east and west margins of the deposit whichcontinued to confirm and expand mineralization beyond limits defined by previousdrilling. Among significant intercepts near the west margin of the deposit were13.30 gpt over 13.20m, including 82.27 gptover1.60m and 7.89 gpt over 3.20m in TC09-69g and6.97 gpt over 9.75m, 12.74 gpt over 5.60m,2.24 gpt over 27.10m, 9.40 gpt over 1.50m and4.88 gpt over 2.90m in TC09-69f. TC09-69g intersectedmineralization approximately 25 metres west of TC09-69, which intersected 8.86gpt over 24.85m (see press release dated May 5, 2009). TC09-69f intersectedmineralization approximately 45 metres below TC09-69g. A substantial area upplunge and to the southwest of these two new holes remains untested suggestingexcellent potential for further expansions to the mineralized zones.
Significant intersections near the eastmargin of the deposit include 6.54 gpt over 23.70m in TC09-68f,4.00 gpt over 27.30m, including 7.13 gpt over11.30m, and 14.09 gpt over 2.00m in TC09-80c and4.24 gpt over 22.30m in TC09-68e. These holes were part of afive hole series testing on a cross section approximately 50 metres east ofTC09-68b. TC09-68f was the uppermost hole in the series and intersectedmineralization approximately 120 metres above hole TC09-68b. TC09-68eintersected mineralization 40 metres below TC09-68f, with TC09-80c intersectingmineralization 60 metres below TC09-68e. TC09-80a and TC09-80b tested up to 100metres below TC09-80c and intersected significant widths of porphyry butdecreased widths and grades. Potential to expand the zones further to the eastare considered excellent.
Favourable drill results were alsointersected by two early stage exploration holes testing to the southwest of theThunder Creek Deposit. Holes TC10-83a and TC10-84 were designed to test thepotential extension of the Thunder Creek Alteration and Deformation zone atThunder Creek at distances of 150 and 350 metres from the previous west limit ofthe deposit near the 950-1000 metre level and were successful. Both holesintersected up to 100 metres of hematite and carbonate alteration containingseveral strong shear zones, multiple porphyry intrusions and locally elevatedgold values which appear to line up well with the Thunder Creek deposit. Ofsignificance, the trend of the zone appears to have shifted slightly to a moresoutherly direction than originally thought which places it on a path tointersect both a major Porphyry body and the 144 Zone, which is known to hostvery similar alteration and rock types to Thunder Creek near surface. The totaldistance between Thunder Creek and the 144 area is approximately 1.6 km and hashad little to no previous diamond drilling along the Thunder Creek Alterationand Deformation zone.
Drilling is continuing at the Thunder Creekproject with two underground drills on the 650 Level and two on the 300 Level aswell as one surface drill. The company also has nine other drills active in thearea, including four underground at Timmins Mine and five surface drills (two atthe 144 property, two at the Thorne property (Gold River Trend), and one at theAGE/RT Joint Venture property).
Quality Control
The Company's Qualified Person ("QP") forthe underground drilling being completed on the Thunder Creek property is DeanCrick, P. Geo. and for surface drilling at Thunder Creek is Jacques Samson, P.Geo. As QPs, they have prepared or supervised the preparation of the scientificor technical information related to drilling at Thunder Creek and have verifiedthe data disclosed in this press release. Mr. Crick and Mr. Samson are employeesof Lake Shore Gold.
Lake Shore Gold has a quality controlprogram to ensure best practices in the sampling and analysis of drill core.Assays have been completed using a standard fire assay with a 30-gram aliquot.For samples that return a value greater than three grams per tonne gold, anotherpulp is taken and fire assayed with a gravimetric finish. Zones with visiblegold are generally tested by pulp metallic analysis. NQ size drill core is sawcut and half the drill core is sampled in standard intervals. The remaining halfof the core is stored in a secure location. The drill core is transported insecurity-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins,Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C.ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025certification.
Assays from underground hole 650-001 havebeen completed at ALS Chemex using a standard fire assay with a 50-gram aliquot.For samples that return a value greater than 10 grams per tonne another pulp istaken and fire assayed with a gravimetric finish. BQTK size drill core is sawcut and half the drill core is sampled in standard intervals. The remaining halfof the core is stored in a secure location. The drill core is transported insecurity-sealed bags to the ALS Chemex Prep Lab located in Timmins, Ontario. Thepulps from core that is sent to the ALS Chemex Prep Lab are then shipped to ALSChemex Assay Laboratory in Vancouver, B.C.
About Lake Shore Gold Corp.
Lake Shore Gold is a rapidly growing miningcompany with a vision is to become a mid-tier gold producer through thesuccessful exploration, development and operation of its properties in theAbitibi Greenstone belt in Northern Ontario and Quebec, starting with its strongbase in Timmins, Ontario. In Timmins, the Company is currently carrying outpre-production development at the Timmins Mine, where it is using both a shaftand ramp to mine the Timmins deposit, and has intersected mineralizationunderground at the adjacent Thunder Creek deposit, which is being developedusing the same infrastructure and as part of the Timmins Mine project. Progressis also being made with an underground advanced exploration program at its BellCreek Mine, located on the east side of the City of Timmins, which is movingforward to become the Company's second mining operation in the Timmins GoldCamp. The Company's wholly owned mill (located on the Bell Creek property) hasbeen refurbished and is currently operating at 2,000 tonnes per day. The Companycontinues to invest aggressively in exploration primarily in the Timmins GoldCamp and in its other properties in Northern Ontario and Quebec, and owns alarge land position in Mexico. The Company's common shares trade on the TSXunder the symbol LSG.
Forward-looking Statements
Certain statements in this press releaserelating to the Company's exploration activities, potential for increasingresources, project expenditures and business plans are "forward-lookingstatements" within the meaning of securities legislation. The Company does notintend, and does not assume any obligation, to update these forward-lookingstatements. These forward-looking statements represent management's bestjudgment based on current facts and assumptions that management considersreasonable, including that operating and capital plans will not be disrupted byissues such as mechanical failure, unavailability of parts, labour disturbances,interruption in transportation or utilities, or adverse weather conditions, thatthere are no material unanticipated variations in budgeted costs, thatcontractors will complete projects according to schedule, and that actualmineralization on properties will not be less than identified mineral reserves.The Company makes no representation that reasonable business people inpossession of the same information would reach the same conclusions.Forward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievements ofthe Company to be materially different from any future results, performance orachievements expressed or implied by the forward-looking statements. Inparticular, fluctuations in the price of gold or in currency markets couldprevent the Company from achieving its targets. Readers should not place unduereliance on forward-looking statements. More information about risks anduncertainties affecting the Company and its business is available in Lake ShoreGold's most recent Annual Information Form and other regulatory filings whichare posted on sedar at www.sedar.com.
There is no guarantee that drill resultsreported in this news release will lead to the identification of a deposit thatcan be mined economically, and further work is required to identify resourcesand reserves.
53c/td>
|
| Thunder Creek Property-Significant New Assay Results to Nov 19 2010 |
| Hole Number |
From (m) |
To (m) |
Interval (m) |
Grade (gpt) |
Section |
Comments |
| TC650-001 |
335.80 |
338.10 |
2.30 |
5.16 |
|
Rusk Horizon |
|
347.30 |
446.90 |
99.60 |
4.91 |
|
335.80 |
338.10 |
2.30 |
5.16 |
|
Rusk Horizon |
|
347.30 |
446.90 |
99.60 |
4.91 |
|
Porphyry |
| including |
361.50 |
422.90 |
61.40 |
6.92 |
|
|
| including |
386.20 |
400.10 |
13.90 |
18.56 |
|
|
| TC09-68e |
844.50 |
866.80 |
22.30 |
4.24 |
9600N |
Rusk & Porphyry; incl. VG |
| including |
844.50 |
849.30 |
4.80 |
8.14 |
|
|
| including |
864.90 |
865.40 |
0.50 |
49.30 |
|
incl. VG |
| TC09-68f |
825.50 |
849.20 |
23.70 |
6.54 |
9600N |
Porphyry |
| including |
825.50 |
832.50 |
7.00 |
8.37 |
|
|
| including |
836.50 |
839.90 |
3.40 |
19.06 |
|
incl. VG |
|
843.50 |
849.20 |
5.70 |
3.39 |
|
incl. VG |
| TC09-69f |
819.35 |
829.10 |
9.75 |
6.97 |
9500N |
Rusk Horizon |
| including |
823.90 |
829.10 |
5.20 |
10.78 |
|
|
| and |
851.55 |
851.90 |
0.35 |
12.20 |
|
|
|
863.00 |
865.90 |
2.90 |
4.88 |
|
Porphyry |
|
899.20 |
899.70 |
0.50 |
5.43 |
|
|
|
905.70 |
932.80 |
27.10 |
2.24 |
|
|
|
926.30 |
926.80 |
0.50 |
17.10 |
|
|
|
932.30 |
932.80 |
0.50 |
33.50 |
|
|
| and |
952.70 |
954.20 |
1.50 |
9.40 |
|
|
|
969.90 |
975.50 |
5.60 |
12.74 |
|
Footwall porphyry |
| including |
969.90 |
970.40 |
0.50 |
125.50 |
|
|
| TC09-69g |
791.10 |
804.30 |
13.20 |
13.30 |
9475N |
Rusk Horizon |
| including |
797.50 |
799.10 |
1.60 |
82.27 |
|
|
|
818.20 |
821.40 |
3.20 |
7.89 |
|
Porphyry |
|
877.80 |
879.80 |
2.00 |
3.61 |
|
|
| TC09-79a |
993.80 |
994.60 |
0.80 |
31.90 |
9450N |
Altd volc in the footwall |
| TC09-80a |
914.00 |
934.90 |
20.90 |
1.67 |
9600N |
Rusk Horizon |
| including |
914.00 |
915.00 |
1.00 |
10.97 |
|
|
|
932.90 |
933.40 |
0.50 |
9.91 |
|
Porphyry |
|
946.70 |
947.20 |
0.50 |
4.19 |
|
|
|
965.70 |
966.20 |
0.50 |
9.76 |
|
|
|
1025.15 |
1025.70 |
0.55 |
4.11 |
|
|
| TC09-80b |
886.00 |
888.70 |
2.70 |
3.16 |
9600N |
Rusk Horizon |
|
914.40 |
923.50 |
9.10 |
2.40 |
|
Porphyry |
|
942.40 |
942.90 |
0.50 |
8.00 |
|
|
|
950.20 |
963.90 |
13.70 |
1.70 |
|
|
|
970.70 |
971.20 |
0.50 |
4.31 |
|
|
|
974.70 |
975.20 |
0.50 |
5.38 |
|
|
| TC09-80c |
876.00 |
903.30 |
27.30 |
4.00 |
9600N |
Porphyry; incl. VG |
| including |
892.40 |
903.70 |
11.30 |
7.13 |
|
incl. VG |
| including |
902.90 |
903.30 |
0.40 |
156.00 |
|
|
|
908.20 |
908.50 |
0.30 |
7.00 |
|
|
|
918.60 |
921.80 |
3.20 |
2.56 |
|
Footwall porphyry |
|
928.50 |
930.50 |
2.00 |
14.09 |
|
Footwall porphyry |
| TC09-81 |
304.60 |
305.30 |
0.70 |
3.52 |
9420N |
|
|
385.90 |
386.40 |
0.50 |
3.93 |
|
Porphyry |
| TC09-83a |
1099.80 |
1100.40 |
0.60 |
4.22 |
9380N |
Porphyry dykelet |
| Notes: |
|
|
|
|
|
|
| - TC09-69f is a bypass hole to TC09-69e (previously released) due to an obstruction in the hole below the Rusk Horizon. |
|